General – Financial
Dutch marine contractor Van Oord has reported a € 62 million net loss for 2021 due to large loss provisions taken on three projects: the Afsluitdijk project in the Netherlands, the Saint-Brieuc project in France, and the Greater Changhua project in Taiwan.
At the Saint-Brieuc project in France, Van Oord encountered unexpected deviating ground conditions and operational delays. With the project restart beginning in 2022, Saint-Brieuc is expected to be completed one year later than previously anticipated.
In 2021, Van Oord achieved EUR 1,517 million in revenue (2020: EUR 1,677 million) and a net result of EUR -62 million (2020: net profit EUR 33 million). The cash performance continued to be strong, leading to a low net debt level of EUR 62 million at year-end 2021 (2020: net cash position of EUR 24 million).
The order book increased to EUR 4,353 million (2020: EUR 3,553 million), mainly driven by the business unit Offshore Wind.
CEO Pieter Van Oord: “We ended the year with an optimistic outlook for our markets reflected in a record-high order book. This means we are optimistic about the longer-term outlook in our markets. We expect revenue to increase and margins to improve substantially in 2022. Profitability will also depend on the settlement of larger claim positions during the year. We expect our order book to further develop positively, reflecting the outlook of our markets.”
